Cedar Fair L.P. (FUN) Misses Q4 EPS by 14c

Cedar Fair L.P. (NYSE: FUN) reported Q4 EPS of ($0.12), $0.14 worse than the analyst estimate of $0.02. Revenue for the quarter came in at $191.97 million versus the consensus estimate of $182.64 million.

Outlook

"We've received excellent responses to the new rides and attractions announced for our parks in 2017," said Ouimet. "These marketable capital projects are scheduled to open on time and on budget, including the new Mystic Timbers wooden roller coaster at Kings Island and the newly rebranded and expanded water parks at Cedar Point and Knott's Berry Farm. I am also pleased to say that our advance purchase commitments, including season pass sales and all-season dining and beverage sales, are trending well ahead of last year's record levels at this time. We believe these sales are driven by the enthusiasm for our 2017 capital investment projects and additional special-event programming, including the introduction of three new WinterFest holiday festivals."

The Company also continues to advance important long-term initiatives that position it to grow well into the future. In March, it will host its first tournament at the Cedar Point Sports Center. This facility is already receiving strong interest from baseball, softball, lacrosse and soccer teams, which will drive additional demand for hotel rooms and park admissions. To serve that additional demand, Cedar Point will increase its hotel room count by nearly 20% over the next two years.

Additionally, Cedar Fair recently received approval on its rezoning application for its Great America amusement park in Santa Clara, California. This approval will allow the Company to better capture the growth opportunities in this very attractive market by aggressively investing to enhance the park's attractions and entertainment offerings.

Ouimet concluded by saying, "We are committed to broadening the guest experience and becoming more than just a place to ride rides. Our high-quality assets, well-run parks and constant focus on operating excellence continue to differentiate Cedar Fair, and, our unique blend of thrills and family entertainment creates a loyal, repeat customer base. As a result, we remain confident in the long-term strength of our business and our ability to achieve our FUNforward 2.0 goals."

For earnings history and earnings-related data on Cedar Fair L.P. (FUN) click here.

You May Also Be Interested In

• Tesla touts acceleration of new models, but Q1 results fall short of estimates
• EQT Corp. (EQT) Tops Q1 EPS by 17c; offers outlook
• Veritex Holdings (VBTX) Misses Q1 EPS by 2c